The Aryavarth Express
Agency(New Delhi): The Union Home Minister and Minister of Cooperation, Amit Shah, officiated at the launch of the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) in New Delhi, marking a significant stride towards bolstering Urban Cooperative Banks (UCBs) across the nation. The ceremony was graced by Union Minister of State for Cooperatives B.L. Verma, Secretary of the Ministry of Cooperation Dr. Ashish Kumar Bhutani, and other dignitaries.
Amit Shah underlined the importance of fostering cooperation and mutual advancement among cooperative entities for progress. He celebrated the establishment of NUCFDC as a milestone achievement after two decades of perseverance, signifying a promising future for the cooperative sector. The creation of a distinct Ministry of Cooperation, spearheaded by Prime Minister Narendra Modi, was highlighted as a pivotal move to rejuvenate the cooperative movement, providing it with a dedicated framework for growth and recognition within the national economy.
The Minister emphasized the transformation of the cooperative movement into a mass movement, stressing the significance of broad participation in national development beyond mere numerical growth. He pointed out that NUCFDC represents a critical step towards self-regulation and a leap in the advancement of UCBs, urging adherence to Reserve Bank of India regulations to maintain competitive edge and sustainability.
Shah envisioned the expansion of urban cooperative banks to every city, advocating for a system to transition high-performing credit societies into banks, thus widening the cooperative network. He underscored the necessity of a time-bound plan for the establishment of Urban Cooperative Banks in every city to keep the cooperative movement vibrant and expanding.
The establishment of a clearing system for UCBs to operate nationwide was deemed essential, with the current collective strength of 11,000 branches, 1,500 banks, and significant deposits and loans highlighting the sector’s potential for further consolidation and enhancement.
Shah lauded the inauguration of NUCFDC not merely as an umbrella organization but as a pivotal gateway for addressing the challenges faced by Urban Cooperative Banks. He asserted that the pathway to enriching the lives of the common populace lies through UCBs, aligning with Prime Minister Modi’s vision of inclusive and comprehensive economic development. The Minister hailed the newly inaugurated organization as a protective shield for smaller banks, instilling confidence in depositors and paving the way for continued progress in the cooperative banking sector.